PCI-DSS stands for Payment Card Industry Data Security Standard, and all merchants are expected to comply with that standard. PCI-DSS is currently at version 2 and at the end of 2014 it will move to version 3. The data security standard establishes a set of criteria that assures customers' credit card data is handled and stored securely and appropriately.
Payment brands (such as Mastercard and Visa) may levy fines for non-compliance with PCI-DSS on the banks, at the range of $5000-$100,000 per month. The banks normally pass these costs downstream to the non-compliant merchants. The banks are also likely to terminate their relationship with the merchant, or increase transaction fees.
← What is PCI-DSS and why is it important to my business?